The Insurance Control Commission has published its quarterly report on the insurance market for the second quarter of 2019. The report includes a number of dashboards extracted from the analysis of the quarterly regulatory forms filed by the insurance companies.
The Insurance Control Commission suspended the insurance license granted to Liberty Insurance SAL. The decision was driven by sustained material breaches of the insurance regulations in Lebanon. Until further notice, the Company is not allowed to issue or renew any policy contract. Nevertheless, it will continue to service the in-force portfolio and settle its obligations to policyholders.
The BOD of the ACAL met with the Insurance Control Commission in the first visit to the regulator following its election. The Acting Head of the ICC, Mrs. Nadine El Habbal, renewed its wishes for a successful mandate, and stated that the consultation process with the sector, represented by the BOD of the ACAL, will continue to bear positive fruits for all stakeholders, namely the insured persons. The discussions covered a broad range of topics and challenges of relevance to the present economic context as presented by ACAL’s president, Mr. Elie Torbey, turning the meeting into a thorough round-table discussion.
The Insurance Control Commission (ICC) has approved a number of transactions and appointments. These approvals were subject to standard regulatory and governance conditions, as implied by the prevailing regulations and by the Insurance Core Principles (ICPs) emanating from the International Association of Insurance Supervisors (IAIS).